Ukraine’s parliament moved on 3 February 2026 to ratify an intergovernmental agreement with Poland that enables full-scale operations by the Polish state development bank Bank Gospodarstwa Krajowego in Ukraine. The decision creates a legal framework allowing the bank to provide loans, guarantees, grants and other financial instruments to Ukrainian public authorities, municipalities and companies. For Kyiv, the move widens access to long-term financing in European currencies at a time when reconstruction needs remain acute. It also reduces currency risks for major projects and supports Ukraine’s gradual integration into EU financial structures. The agreement significantly expands the pool of capital available for infrastructure, energy and industrial investment.
Ratification opens new financing channel for Ukrainian reconstruction
The agreement approved by the Verkhovna Rada allows BGK to operate under clear legal protections in Ukraine, aligning its activities with Polish and EU standards. Ukrainian institutions gain access to cheaper and longer-maturity funding compared with commercial market options. Financing in euros and other European currencies improves budget predictability and limits exposure to exchange-rate volatility. The arrangement also supports macro-financial stability by easing pressure on Ukraine’s state finances during large-scale rebuilding. Details of the parliamentary process and scope of the agreement were outlined in a report on the ratification enabling BGK’s entry into Ukraine.
Poland secures tool to support its companies abroad
For Poland, the bank’s presence provides a structured mechanism to participate in Ukraine’s reconstruction while advancing national economic priorities. BGK can finance and guarantee projects involving Polish contractors, suppliers and service providers, lowering entry risks for Polish business. State-backed guarantees make participation in Ukrainian projects more predictable and insurable. This is expected to support Polish exports and stabilise production capacity at home. Over time, the model enables Poland to build a sustained commercial presence in a high-growth reconstruction market.
Financial leverage strengthens Poland’s regional role
BGK’s operations in Ukraine enhance Poland’s position as a financial hub in Central and Eastern Europe. By acting as an intermediary between Ukrainian projects and broader EU capital markets, Poland strengthens its influence within European economic policymaking. The bank’s involvement complements Warsaw’s political and diplomatic engagement with Kyiv. Financial instruments become an extension of strategic partnership rather than a purely commercial activity. This reinforces Poland’s standing as one of Ukraine’s key partners inside the EU.
Risk management and long-term strategic effects
State-controlled financing allows Poland to manage risks through guarantees and structured lending rather than ad hoc exposure by private firms. At the same time, Polish financial, regulatory and managerial practices are embedded in Ukrainian projects, creating long-term dependence on shared standards and expertise. Polish consultants, auditors and financial specialists gain access to new markets. Analysts say the initiative could serve as a template for other EU countries considering similar roles in Ukraine’s recovery. Early engagement positions Poland to capture both economic and strategic dividends as reconstruction accelerates.
